Nike NFT project RTFKT will stop operations in January 2025, but its Ethereum-based coins will be available.
Nike’s Ethereum-based tokens, which were acquired for an undisclosed sum in 2021, will continue to be accessible despite the closure.
“We will be launching an updated website that exhibits the innovative work that defined the RTFKT voyage in order to commemorate and preserve this pioneering legacy,” stated the announcement.
In 2020, Nike established the Nike NFT project, which rapidly gained recognition as a pioneer in the NFT and metaverse industries. It got a lot of attention and had deals with big brands like Nike and well-known artists like sneaker designer Jeff Staple and Japanese modern artist Takashi Murakami.
Additionally, the venture procured at least $8 million from investors, including Andreessen Horowitz, prior to its acquisition by Nike, which was indicative of its success.
The Nike NFT initiative achieved recognition through its innovative concept of combining physical and digital collectibles. The establishment of a community through Ethereum-based NFTs and physical products, as well as the creation of a collection on Nifty Gateway that generated sales of $10,000, were among the early successes.
DefiLlama’s data indicates that the company generated nearly $50 million in profits during its tenure, with over $45 million in royalties.
The NFT market has experienced a growing amount of difficulty, despite its success. Nike’s June 2024 forecast indicated a decrease in demand for its physical shoes, which could potentially raise concerns regarding the broader demand for digital collectibles.
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